Here's the first thing I like about Zillow. And I like this part A LOT. Zillow is NOT a lead-reseller. if my client goes to Zillow, they'll print out the Zestimate and bring it our our office, and we'll talk about it.
If that client went to a site such as HouseValues.com, they would be required to fill out a personal contact form, they would then be sold as a "lead" to a member agent, and that "local" agent would start bombarding them with emails and phone calls (I think HouseValues calls it a "Drip campaign")
The Zillow model is obviously better for me, as a broker, since my client can go to Zillow, search around all they like, and Zillow does NOT in any way interfere with my relationship with that client.
Here's the next thing I like: We make the Zillow Zestimate report part of the data we review with buyers and sellers. We'll print out the zestimate in addition to pages from RealEstateABC, Property Shark, and HouseAmerica. Then we include these with data from Dataquick's Data Express, title company comps, and the three MLSs that over lap in our area. We'll sit down with the client, review all that data, add a dash of our own brand of "Street Smarts" and there you are.
What Zillow does need: A big fat CYA disclaimer on their initial entry page. Maybe this will be a requirement of any settlement reached. You have to dig a little to find the current disclaimers.
Whoever thought there'd come a day I'd be agreeing with Glenn Kelman?!?!! "Glenn Kelman, the chief executive of Redfin, a Seattle online real estate service that utilizes data from Zillow, said he thinks the complaint is a "publicity stunt" motivated by appraisers who have a financial interest at heart. He has no plans to remove Zillow data from his Web site." (Quoted from a Seattle PI article) Who'da thunk it!!
A Google Blogsearch on Zillow NCRC serves up a whole platter full of interesting reading.
Bryant - In my neighborhood, the comps that come up on Zillow when you click their "View comparable homes" or "Map comparable homes" are usually good, accurate comps. Usually some of the same properties we would have picked for comps.
So our approach is to simply include Zillow's comps in our data. So for us, there is no need to "overcome" a Zestimate. We treat it as another source for comps, and we just make it a part of the whole package of data that we take into consideration.
Sounds like other parts of the country are not as fortunate. !!
Cheryl - I agree on your point about it not selling leads and it is a tool for people to "play" with. But let me ask you - just out of my own curiosity, how do you feel about other Realtors (ie:Prudential, Yahoo Real Estate) who use this tool right on their website?
I don't care if Zillow out puts public data - its just that - public data. But when are real estate website uses this data on their website I feel it gives the impression that THIS is the value of your home - because I am a real estate agent and I feel that Zillow is accurate. That is where I feel Zillow is misleading. They can have all the disclaimers on their site - then its would be consumer beware - but when a realtor uses the data on their site - I think that they are assuming the liability. Correct me if I am wrong please...
Christine: Good Point! Good Question! So, of course, I don't have an answer. Let me ponder that one for a while!
I got the Zillow API code for our website back in July, was undecided exactly how I wanted to implement it/design it, and never got around to dealing with it. And now, I'm glad I didn't, since maybe Yahoo, Prudential and whoever else implemented it will be invited to the litigation party.
Hi, it's David G from Zillow.com
Christine -
You make a good point and with opening up our API to anyone for free yesterday, you're going to see Zestimates on many more websites. So, to ensure that we remain transparent in communicating exactly what a Zestimate is (and is not), we require that partners comply with our requirement to link to Zillow's detailed Zestimate definition with the phrase "What's a Zestimate?" on every page where they display Zestimates. That links directly to a page on Zillow that includes the statement: The Zestimate is not an appraisal and you won't be able to use it in place of an appraisal, though you can certainly share it with real estate professionals." You'll see this and our other requirements of partners on this page: http://tinyurl.com/yyodpw.
Cheryl -
Very creative approach to incorporating Zestimates & comps. Thanks for writing.